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My husband and I were just talking about our 'final' home which is going to be a handcrafted log home. We were going to put the master bedroom on the main level but right now we really want that space. The builder said to just put in a full bathroom on the main level and if in the future we need to just be downstairs to put in an interior wall, closet, etc. because we'll have the space. I thought that that was a good compromise.

Another issue is that my husband and I have a 22 year age difference. I will most certainly be able to do stairs for quite some time yet. Plus - he had a heart attack and quad bypass early in the year - he needs to do the stairs if he isn't going to do any form of exercise. I think it is too easy to pass on what brings no pleasure to most of us (including me) even if it is just a set of stairs. At least that will keep him active on that part.

We have thought long and hard about this though. He is 58 and I am 36. He'll be retiring next year - he just cannot take the stress of this area. So - everything is not as we planned it. But, we'll probably take out a construction loan before he retires to then roll over into a 15 year mortgage. He will still be doing some kind of work (I hope) and I will be working for quite some time so that gives plenty of time to pay off the mortgage.

Are you aware of the exterior maintenance a log home requires? At 60+ does your husband want to be climbing a ladder every five years to "treat" the exterior.
For retiring seniors single floor living makes the most sense not a two story log home.
There is more to think about besides where to locate the BR.

You have no idea how much we have researched. What I am most surprised about is how many people look in a magazine at a log home company and think - that's what I want. It's nothing more than milled lumber. They've got a lot more resources now so that one doesn't have to have as much maintenance with a log home. It will be a scandanavian scribe with 12 - 24" logs and 3 or 4 foot eaves. Our handcrafter does a lot of maintenance and restoration on kits. This is where you'll find the most problems. Also - butt and pass homes....drafty....and tons of maintenance. And - haha, by the way - I'd be the one climbing the ladder. My husband is inside doing laundry while I'm outside tearing apart the car! Don't assume it's always a man's job

...So - everything is not as we planned it. But, we'll probably take out a construction loan before he retires to then roll over into a 15 year mortgage. He will still be doing some kind of work (I hope) and I will be working for quite some time so that gives plenty of time to pay off the mortgage.

AVOID a construction loan by leveraging some (any) of your other assets. They are expensive, stressful and a real pain (unless you are clueless with dealing with contractors, then construction loans can be an EXPENSIVE & PAINFUL way to control costs). I did my last construction loan about 20 yrs ago, since then I have been using my Mileage Credit Cards, HELOCs, and stock MARGIN accts. (much lower rates and no FEES / hassle.

BTW... BE SURE to have 'lien releases' from ALL contractors and subs, and NEVER issue a single party check to a contractor who has bought materials for your job (issue check with co-payee / supplier). Many I know have paid twice for their homes / farms / barns due to missing this simple step.

The 15 yr rates today (~4%) are pretty attractive. I tend to 'speculate' (on RE only) with my RE equity that is so cheap. Having a few income props financed by your CHEAP primary residence will allow you to live / earn income w/o a job.

Another issue is that my husband and I have a 22 year age difference. I will most certainly be able to do stairs for quite some time yet. Plus - he had a heart attack and quad bypass early in the year - he needs to do the stairs if he isn't going to do any form of exercise. I think it is too easy to pass on what brings no pleasure to most of us (including me) even if it is just a set of stairs. At least that will keep him active on that part.

Any benefit of exercise would want to include a continuous 20 minutes of aerobic activity for onset of that benefit.Unless he's going to spend 20 minutes, at least 3 times a week, climbing stairs then they aren't really going to do him much good. But sounds like it would be a good guest room.

Of course I know about exercise ! I do it myself 6 times a week. But it seems to me in what I've seen that folks try to make things 'easier' which in turn means they just wind up not being able to do them. I think that 58 is still pretty young...I think people do themselves a disservice when they start limiting themselves. Always, always planning ahead is a good idea....but - when we can partition off the downstairs later on in life - what's the difference? Why limit ourselves now when we don't have to and we have another option?

Stealthrabbit - thanks for the advice on the construction loan - always appreciated. We actually just want the loan so that we don't expend all of our cash and we'll probably be $50 - $100K short that will have to be mortgaged. Do you think I can pm you and you can offer more advice and explain things a bit more? I don't want to take away from the direction of this thread? Thanks.

Stealth, What does this mean? Please be explicit--I'm about to have some work done!

1) BE SURE to have 'lien releases' from ALL contractors and subs

You're hiring a general contractor who you would like to assume will pay the sub contractors (and suppliers) he uses. But if he doesn't... (among other avenues of recourse) the sub contractors can file a mechanics lien against your property. Thus the merit of having EVERY sub who has worked on your property signing a release of that (right to) lien before making final and larger payments to the GC.

Wow - sounds like we might want to go our original route....get the house to the point where we can live in the basement and finish the rest over the next 2 years as the money comes in. Then at that point - we can probably have no mortgage by the time my husband officially retires.... Maybe that is a better option? I just didn't want to liquidate all of our cash....hmmm....something to think about now.

You're hiring a general contractor who you would like to assume will pay the sub contractors (and suppliers) he uses. But if he doesn't... (among other avenues of recourse) the sub contractors can file a mechanics lien against your property. Thus the merit of having EVERY sub who has worked on your property signing a release of that (right to) lien before making final and larger payments to the GC.

Say a contractor is rebuilding my stairway and he sends over two guys who work for him to do it. Are you saying that if I pay the GC and he doesn't wind up paying them, that the 2 workers could file a lien on my property?

On #2, if I pay the GC for materials "he will buy" and he puts those materials on his general account at the vendor's, and doesn't wind up paying his bill, the vendor can come after me for payment?

( I do not mean to swerve off-topic, but seems like a lot of us retirees would want to know all this)

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